摩根大通：清洁能源行业：第一季度财报总结 —— 电力需求依然强劲，关税不确定性影响储能订单，《通胀削减法案》（IRA）有望很快明确

Investment Rating - The report does not explicitly provide an investment rating for the clean energy sector, but it indicates a generally positive outlook for power demand and potential positive revisions based on upcoming policy clarity [1][7]. Core Insights - Overall power demand trends remain solid post-DeepSeek, with companies like GEV and ENR reporting strong orders and visibility, supported by capital expenditure guidance from hyperscalers [2]. - Recent slowdowns in renewables order activity are attributed to tariff and policy uncertainties, particularly affecting energy storage projects [1][3]. - Anticipation of clarity regarding the Inflation Reduction Act (IRA) could positively influence investor sentiment and stock ratings as legislative discussions progress [7]. Summary by Sections Power Demand - Power demand is robust, with utility-scale product companies and developers reporting solid pipelines, although residential demand has weakened, as seen in the results from ENPH and GNRC [2]. Tariff Uncertainty - Companies have adjusted guidance based on current tariffs, with a universal 10% and a China-specific 145% tariff impacting outlooks. FSLR has updated its guidance to reflect potential punitive tariffs, while FLNC has seen significant negative revisions due to project delays [3][6]. Upcoming Events - Key upcoming events include a tax equity market update webinar on May 12, a potential Ways and Means Committee update on May 13, and participation in the American Clean Power Conference on May 21 [8][10][12].